Insurance “Train” Bill Becomes Law
Governor Rick Scott has signed HB 1101 into law, and it has become Chapter Law 2012-151. This is the insurance “train” bill that picked up a wide variety of insurance-related measures as it progressed through the 2012 regular legislative sesion.
The new law is varied in its impact on the Florida Insurance Code. It contains an exception to Florida’s certificate of authority requirement for certain alien insurers selling life insurance to non-U.S. residents. It also allows Citizens Property Insurance Corporation to offer basic (HO-8 type) insurance policies and sets forth requirements relating to Citizens’ handling of replacement cost estimates.
The new law also contains provisions relating to the creation and regulation of captive insurance companies. This proposal is designed to help Florida become a more attractive market for captives.
For a complete rundown of insurance-related legislation from the 2012 session, please see our post-session Florida Insurance Report. We also monitor the status of bills that passed during the session on the legislative page of our website.